Basically, the leading UK insurer informed the FSA that if Quinn Insurance continue to be allowed operate without rating, then if Quinn collapsed, they (the other UK insurer) will not part-take in market collective activity to rescue Quinn's policyholders.

The FSA can't take much action as Quinn domiciled in Ireland. So the Irish Regulator had a recent scheduled annual audit planned for Quinn Insurance. The Regulators auditing staff arrived at the Cavan HQ as was pre-arranged with Quinn Insurance. Allegedy, the Irish Regulator was 'escorted' off the premises and refused permission to conduct an independent audit !

It has been kept from the media but all the necessary circles are fully aware of this stand-off.

Now the question needs to be asked - why is an insurer operating in Ireland allowed act in this manner?

The UK insurer who referred Quinn Insurance to the FSA is currently considering moving operations from the UK to either Switzerland or Ireland for tax reasons.

I can't believe the Irish Regulators are allowing this behaviour. More importantly, if Quinn goes tits up, if the Irish Regulator is proven to have been negligent and relaxed in addressing the problems in the past, other insurers within the state will refuse to assist in the clean-up exercise.

The entire insurance industry is talking about this event and not a single sign of action from the Regulator or the Irish Insurance Federation.

I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern

According to todays Indo, Quinn are now the biggest insurer in Ireland.

Is it possible that Quinn could actually go belly up? I mean, Sean Quinn has already lost E1 billion on his Anglo CFD parlay and now has another E1 billion spent on shares. Joe Lewis lost the same amount in Bear Stearns and it was worldwide news.

Quinn has more than 50% in risky and/or illiquid assets. Axa less than 20%

Also, what is with the high debtors/outstanding accounts figure for Quinn at 13% of liabilities? A capital crisis would leave them in a pickle.

Just wanted to add something on the liability side. Quinn had P&L reserves fo €0.40bn or 25% of total liabilities, pluse top tier capital of €0.02bn. AXA have around €0.46 or about 23%. So the are both playing with a similar amount of risk capital.

Last edited by geckko on Tue Sep 02, 2008 11:02 am, edited 1 time in total.

This is from a 2006 report, but it gives a flavour of Quinns attitude to risk. Go to pages 106-107 (55 in the PDF doc.)

I have my health insurance with that guy.

_________________To achieve world government, it is necessary to remove from the minds of men their individualism, loyalty to family traditions, national patriotism and religious dogmas.Brock Adams, Director UN Health Organisiation

This might have the makings for a good piece of investigative journalism. Check the numbers with the help of a specialist on insurance co. balance sheets, approach Quinn with some questions. Enquire with other insurers about their approach to investment strategy and risk.

This is from a 2006 report, but it gives a flavour of Quinns attitude to risk. Go to pages 106-107 (55 in the PDF doc.)

I have my health insurance with that guy.

Me too ...

Anyone familiar with the procedure for returning to VHI ?

Im sure VHI will tell you how to switch but I think they are more expensive than Vivas or Hibernian or whatever its called so it may be worth your while checking them out too. Im with Viva Hib as I think its cheaper than VHI but equivelant or better cover whereas Quinn Healthcare were arguing with consultants over fees. Hmmm not good.

_________________The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.Winston Churchill

A people that values its privileges above its principles soon loses both.Dwight D. Eisenhower

I'm with Quinn too, and after hearing this and similar stories am just about ready to flip over to VHI. Does anyone know if I can just cancel straight away or if there are any other terms and conditions?

This is from a 2006 report, but it gives a flavour of Quinns attitude to risk. Go to pages 106-107 (55 in the PDF doc.)

I have my health insurance with that guy.

Me too ...

Anyone familiar with the procedure for returning to VHI ?

Hope you guys are in the best of health. Insurance is a scary product to buy because you really can't judge the quality of service provided until something bad happens. Quinn really seem shoddy.

Anicdotally, my younger brother (goes 19 in October) has a very dodgy arrangement with Quinn Direct (car insurance). He is insured on a 1L which sits in a field while he drives a 2+L uninsured muscle car. Quinn have told him that he is covered by opendrive on this 2nd car. My father didnt believe him and rang Quinn and they told him the same thing. I really really don't want to see it tested though. It seems like madness.

Last edited by groom1 on Tue Sep 02, 2008 11:56 am, edited 1 time in total.

He may have some form of third party Opendrive off his 1L Full Comp but I suspect the Opendrive policy only applies

a) If he does not own the 2L
b) If he has permission from the owner ( who is not him )
c) owner of 2L may not be father mother first cousin or greatuncle .
d) Opendrive applies for no more than 1 month of the year ( to be notified to Quinn in advance in many cases )

Provided you have a full EU licence, most of our policies cover the policyholder to drive someone else's car for third party only cover. Other restrictions may apply, please refer to your policy documents to confirm if this extension applies.